DiamondRock Closes $74 Million Secured Financing On The Westin Washington D.C. City Center Hotel
BETHESDA, Md.,
"This financing accomplished several objectives for DiamondRock, including locking in a low interest rate for 10 years, significantly reducing outstanding borrowings on our credit facility, and further laddering our maturity schedule. We are very pleased with the attractive long-term financing for this loan," stated
The loan proceeds will be used to repay a significant portion of the outstanding borrowings on the Company's credit facility. The Company expects to end the year with approximately
About the Company
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "anticipate," and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: national and local economic and business conditions that will affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; our ability to complete acquisitions; the performance of acquired properties after they are acquired; necessary capital expenditures on the acquired properties; and our ability to continue to satisfy complex rules in order for us to qualify as a REIT for federal income tax purposes; and other risks and uncertainties associated with our business described from time to time in our filings with the
SOURCE
Sean Mahoney, +1-240-744-1150